Treasurer Sprague Announces Latest Round of Savings through OMAP
More than $155,200 in estimated savings achieved across five recent deals
COLUMBUS – This week, the Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague helped five communities enter the market and save a combined total of $155,223 in interest costs.
“OMAP continues to be a reliable and driving force in helping our communities to lower interest costs when financing important improvement projects,” said Treasurer Sprague. “Over the past decade, the program has helped more than 91 local government entities to leverage the state’s high credit rating and achieve meaningful saving. This week, we’re proud to welcome two new partners and three returning partners and to announce savings ranging from $2,835 to over $115,000 in each community.”
City of Elyria (Lorain County)
Elyria’s original notes were issued to finance the construction of the Chestnut Commons Connector project and to acquire a pumper fire truck and equipment for the local fire department. The City of Elyria has now utilized OMAP nine times, and the previous eight deals have saved the city an estimated $74,144 in interest costs. This most recent deal saved the city an estimated $2,835 in interest expenses.
The City of Louisville is a first-time OMAP participant and is set to save an estimated $8,800 in interest expenses. Louisville’s notes were issued to finance the construction of a new municipal fire and emergency medical services station and make other related improvements to the site.
City of North Olmsted (Cuyahoga County)
The City of North Olmsted’s notes were issued to finance energy conservation measures in city buildings and facilities. This deal marks the first time the city has participated in OMAP and is expected to save an estimated $21,150 in interest costs.
City of Parma Heights (Cuyahoga County)
This week’s OMAP deal saved the City of Parma Heights approximately $7,200 in interest expenses. The original notes were issued to finance a new ladder truck for the fire department, as well as to make certain improvements to a city building and streets. The City of Parma Heights has now utilized OMAP six times, and the previous five deals saved the city an estimated $113,944 in interest expenses.
City of Wapakoneta (Auglaize County)
Wapakoneta saved an estimated $115,238 in interest costs through this week’s deal. The city’s original notes were issued to finance a substation upgrade, transmission line additions and upgrades, and other related improvements. This marks the seventh time the City of Wapakoneta has utilized OMAP, and the city has already saved an estimated $678,551 in interest expenses over the previous six deals.
OMAP is a credit enhancement program that leverages the state’s excess liquidity and high short-term credit rating to help improve market access and lower borrowing rates for local governments. Since its 2014 launch, OMAP has supported more than 310 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $6.1 million in estimated savings for local governments.
Any government subdivision in good fiscal standing, including cities, villages, school districts, counties, townships, and special districts, issuing short-term debt is eligible to participate. For more information, visit https://omap.ohio.gov/.
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